Video Stock Market Technical Analysis 8/28/07

We got our answer to the question I posed yesterday about what the sideways action on the 10 minute timeframes meant. I pointed out that the declining 50 day MA meant we had to be prepared to exit any longs quickly and hopefully you were able to do that and then find downside exposure. The market also gave clues to todays action with the semiconductors when I mentioned how “from failed moves come fast moves” about yesterday’s action in the semis. We will continue to give the benefit of any doubt to sellers but will also be prepared to lock in any gains from shorts as the market dictates.